Okay Situation — Your team has academic and/or industry expertise relevant to a big market, with a strong history of performance. For example, you’re building a fintech company after working at Goldman Sachs for a decade.

Bad Situation — If your team’s expertise is from an industry different to your startup and you’re not a serial entrepreneur, you should expect to demonstrate traction or a tech breakthrough before being fundable.

Use these guidelines to talk to investors at the best time for your company, not just when they approach you or when you’re tight on money. Good timing can make all the difference.